No matter the size, value, or substance of your art collection, good record-keeping is crucial for maintaining its history and, therefore, its value. This is especially true when dealing with blue-chip artists and valuable collectible pieces that we call “passion assets.” These include anything that you are passionate about collecting that hold value, such as fine art, decorative art, antiques, wine, watches, cars, couture clothing, comics, jewelry, or sports memorabilia, to name a few categories. Saving paperwork such as original invoices and any relevant information is key to maintaining its value over time and tracking its history for posterity.

Important Information That Should Be on Invoices

We see this all too often in our line of work handling art collections of all sizes. A client purchased a work of art or valuable collectable asset, and the original invoice or accompanying paperwork lacks key information. Below is our checklist of important information that should be supplied to a buyer in writing at the time of purchase.

RECORD KEEPING CHECKLIST

• The invoice should be on the seller’s letterhead, including their contact information
• Date of purchase
• Artist’s or maker’s name. If not known, then School or Style or Era
• Title, or a descriptive title for decorative pieces
• Date, circa date, or century of the piece
• A photograph of the piece
• Condition of the piece at the time of purchase
  • For blue-chip artwork, we recommend that you request a condition report from a reputable conservator.
• Purchase price with a separate list of any applicable taxes or fees incurred (e.g., shipping fee)
• If known, the item’s:
  • Provenance- which means its history of ownership as far back as it is known
  • Exhibition Listing- if the piece was exhibited in any museum exhibitions or gallery shows
  • References or Literature- any mentions or photographs of the item included in scholarly research, exhibition catalogues, artist monographs, catalogue raisonné, periodicals, or on websites.
  • Date of import into the US if applicable. This is particularly important for any works that are composed of endangered materials such as tortoiseshell, ivory, horn, etc., but also for works that may have a cultural repatriation claim associated, such as antiquities, African artifacts, pre-Colombian artifacts, etc.
• A well-researched description of the piece’s importance or historical relevance.

Be sure to save all of your original paperwork and have digital copies saved to an off-site cloud service.

How We Can Help

Did you know that Art Peritus can handle every aspect of overseeing your art collection? Our team members provide white-glove service to manage your art collection, safeguard your records and oversee aspects like logistics and conservation, appraisals and insurance claims to art crisis management. Our proprietary collection management software is accessible to our clients at all times. Although USPAP-compliant appraisals are our specialty, we do so much more to help protect and manage your valuable collection. Email or call us to see how we can assist.

###